EXECUTIVE SUMMARY
This report provides a comprehensive analysis of Nike, inc., an American multinational corporation renowned for its athletic footwear, apparel and sports equipment. Founded in 1964 by Bill Bowerman and Phil Knight, Nike has been established as the largest global sportswear company (Statista, 2023), consistently striving for innovation, quality and performance.
This analysis involves both external and internal factors impacting Nike’s operations, aiming to identify opportunities for improvement and strategic changes to maintain its competitive advantages. Externally, economic conditions such as high tax rates and inflation, along with market trends like the rise of athleisurewear and digital commerce are explored. Internally, Nike has a strong financial standing, generating significant revenue from the United States and China. However, challenges such as declining sales in China, demand for sustainable activewear, and criticism of its labour practices underscore the need for strategic changes.
Based on the analysis, several strategic options are identified using frameworks like the Boston Consulting Group matrix and Ansoff Matrix. These options include expanding successful segments like Jordan and Nike Footwear, investing in growth areas such as women’s apparel and divesting underperforming segments like Converse’s apparel line.
Consequently, the recommended strategy for Nike is to invest in launching sustainable plant-based women’s athleisurewear in China, aligning with consumer demand for eco-friendly production, activewear and Nike’s sustainability initiatives. Leveraging its leadership in innovation and commitment to sustainability, Nike aims to regain market trust and enhance its brand reputation in the Chinese market.
The proposed implementation plan outlines steps for launching the sustainable athleisurewear line in China within six months including idea generation, material selection, sampling and feedback, supply chain and production, and marketing. Nike’s transformational leadership approach, focusing on women’s empowerment, innovation and sustainability, is expected to facilitate the effective implementation of the proposed changes.
The success of this change strategy will be measured through financial performance metrics like Chinese apparel revenue rate and sustainability indicators such as material GHG emissions reduction rate annually. These metrics will help Nike evaluate progress and make necessary adjustments to achieve its objectives.
Finally, to support its strategic objectives, the report will evaluate Nike’s current sourcing strategy with a SWOT framework and propose refinements focusing on onshore production in China by partnering with suppliers upholding ethical practices and transparency. Prioritising lead time of sourcing, sustainability and strategic partnerships, Nike aims to secure its long-term success in China market and consumer trust.
Introduction
This report focuses on strategic planning for Nike at the corporate level, which defines the overall direction and scope of a company’s activities. Corporate-level strategy involves decisions regarding market entry, business operations, and resource management at achieving long-term objectives (Gerry et al, 2007, pp. 7). Moreover, this analysis recommends a change strategy to enhance Nike’s performance and maintain its competitive advantage.
Part 1 will examine the external and internal factors influencing Nike’s operations and performance to analyse its motivation for change and key objectives. By critically evaluating the current corporate level strategy, this section will identify challenges, opportunities, and drivers. Then, a new change strategy will be proposed, along with an implementation plan and methods for measuring its effectiveness.
Part 2 will evaluate its current sourcing strategies and propose enhanced strategies to achieve its strategic objectives. The objective of this report is to assist Nike in optimising its operations and maintaining its leadership position in the global sportswear market.
Part 1
Political
High tax rate: US government increased corporate tax, by at least 15% (Nike, 2023, pp. 35)
Political instability
Social
Athleisure Trend: Triggered by Covid lockdowns, this trend emerges as a key growth category with an annual growth rate of 9.1% from 2023 to 2030. Consumers demand comfort, sustainability and fashion-forward shapes and fabrics in athleisurewear (Finamore, 2023)
Economic
Inflation: 6.88% in 2023 (Statista, 2024) led to reduced customer spending
Exchange rate
1.1 External Analysis
Technology
Digital & E-commerce trends: Sportswear brands prioritise Direct-to-consumer channels to access customer data and increase e-commerce adoption (BOF team, 2023).
Cultural sensitivity: Chinese consumers favour domestic sportswear brands due to nationalistic sentiments and sourcing controversies in Xinjiang (Friedman, V. & Paton, E), Nike’s operating profit in China declined by 27% in 2022 (Nike,2023, pp.36), contrasting with the significant growth of local brands like Anta and Li Ning (Passport, 2023).
Innovative materials: Competitors like Lululemon, On and Anta are leveraging new materials and fabric technologies to offer innovative performance wear and improve sustainability (McKinsey, 2024) (Passport, 2023).
1.2 Internal Analysis
Nike Inc. is the largest global sportswear company, with a brand value of $ 74,890 million (Statista, 2023) and revenue of $50 billion in 2023, demonstrating its strong financial standing.
The majority of Nike’s revenues are generated from the United States and China, which account for 44% and 15% of total revenue, respectively (Nike, 2023, pp. 36). Therefore, these markets have a significant influence on Nike’s overall profitability.As shown in figure 1, Nike’s revenue has grown significantly overall, but only revenues in China experience a notable decline of 9% in 2022, followed by a further 4% in 2023 (Nike, 2023, pp. 39).
Figure 1: Sale Growth by Geographic Region (Nike,2023)
This value chain model shows Nike’s operational activities to produce its service to achieve its competitive advantage (Gerry et al, 2007; p.110) (Nike, 2023, pp. 2-6,24)
Firm Infrastructure
- Headquarters in Beaverton, Oregon, US
- Globally operates 1027 retail stores,
- Oversees 123 footwear and 291 apparels manufacturing factories in 38 countries
Human Resource Management
- 83,700 employees
- Focus on the diverse and engaged workforce to foster creativity and innovation
- Recognised as the 20th best global employer in 2023 (Peachman, 2023)
Technology Development
- Leader in digital and apparel innovation within the sportwear industry
- Established a high-tech research laboratory at the main headquarter (Russell, 2021)
- Invests in sustianable innovation for the “Move to Zero” campaign (Nike, no date)
Procurement
- Close partnerships with retailers like Zalando and JD sports (Hu, 2022)
- Direct-to-consumer sales through own retailers and e-commerce platforms
PRIMARY ACTIVITIES
Inbound logistics
- Utilise offshore sourcing with Tier 1& 2 suppliers
- “It’s a start” rating for sustinability (Good on You, no date)
Operations
- Focus on product design, innovation and development to maximise comfort, performance, quality, and sustinability
- Use own trademark and design in marketing and product packaging
Outbound logistics
- Operate 75 distribution centers globally,
- Utilise third party logistic providers for efficient distribution
Marketing & Sales
-Emotional interactive marketing and celebrity endorsement
- Company sponsorship to athletes
- Invests in Swoosh trademark to combat counterfeiting (Adegeest, 2021)
Service
- interactive pre-sale and after-sale customer service
- Provides Fitness apps and contents
- Offers Personalisation and digital features in retail stores (Mills, 2023)
- Operates Nike training Studio in West Hollywood and Newport Beach (NikeStudio, no date)
MARGIN
Figure 2: Value Chain (Adapted from Michael E. Porter)
1.3 Motivation for Change
After thorough external and internal analysis, Nike has identified opportunities for improving its profitability and reputation.
Externally, Nike must address a significant challenge to Nike’s profitability posed by the decline in sales in the Chinese market due to cotton sourcing controversies and increased from competition from local brands. As mentioned earlier, as the Chinese market is Nike’s primary sources of revenue, this decline has raised investor concerns and highlighted the need for strategic changes (Bloomberg, 2023).
Moreover, Fashion Forwards (no date) reports a 151% increase in demand for sustainable activewear. With Nike’s ongoing efforts in sustainability, exemplified by the “Move to Zero’ initiative, the company is well-positioned to leverage its technological and financial resources to innovate its product offering and capitalise on changing consumer preferences.
1.4 Potential Strategic Options
Nike has diverse portfolios including Nike, Jordan and Converse. Its production encompasses footwear, apparel and equipment for women, men and kids. Utilising the Boston Consulting Group matrix, Nike will strategically assess potential strategic options for its diverse portfolio to ensure future growth.
Market growth
STAR : Expand CASH COW : Harvest
Nike’s menswear and equipment segments demonstrate stable revenue and market share. The growth in Nike apparel’s revenue mainly comes from a 4% sale growth in menswear while equipment revenue has been consistently growing with 18% in 2022 and 6% in 2023 (Nike, 2023, pp.32).
Jordan and Nike Footwear, with impressive growth rates of 35% and 20% respectively in 2023 (Nike, 2023, pp. 32), stand out as leaders in the sneakers market (Richter, 2023). Despite competition from emerging brands like On, Hoka, and Salmon, known for their innovative design element and enhanced comfort performance (Baskin, 2023), Jordan and Nike footwear hold significant potential for further expansion and market dominance.
DOG : Divest or Keep
Despite holding the 7th position in the sneaker market (Richter, 2023), Converse’s apparel segment faces challenges, with declining revenue of 13% in 2023 and 1% in 2022 (Nike, 2023, pp. 41). Considering its declining performance, Nike may consider divesting Converse’s apparel from its portfolio to focus on more profitable opportunities.
QUESTION MARK: invest
Nike’s Kids section and Women’s apparel show promising growth potential; however, they experience slower growth rates compared to other categories (Nike, 2023, pp. 32). The rising demand for women’s athleisure is evident, with brands like Adonola experiencing a significant 311% increase in turnover in 2022-2023 (Finamore, 2023). Furthermore, Lululemon’s successful expansion into markets like China highlights the potential for Nike to invest in its women’s activewear line (Passport, 2024). By capitalising on this trend and offering high-quality, environmentally friendly products, Nike can gain a competitive edge.
Figure 3: BCG Matrix (Whittington et al., 2023, pp.284)
Recommendation:
Based on the analysis, Nike should priortise investing in women’s apparel, to drive market growth and profitability. By focusing on innovative and sustainable products in this segment, Nike can leverage its existing strengths to capture market share and become a cash cow in the long term.
1.5 Recommended Strategy
Market Development
Product Development
Diversification
Figure 4: ANSOFF Matrix (Adapted from Whittington et al., 2023, pp. 265)
The Ansoff Matrix offers strategic growth planning insights to make corporate decisions. Among strategic options, Nike should prioritise product development due to its potential for high profitability with manageable risks.
This is evidenced by competitors like Lululemon, which continually focuses on product innovation and sustainability (Baskin, 2024). This results in Lululemon’s historic 24% compound annual growth rate from 2017 to 2022 (Passport, 2023). Additionally, strategic partnerships with Lululemon’s collaboration with Genomatica to introduce bio-nylon highlight the potential of sustainable materials (Lieber, 2021).
To maintain its leadership, Nike must proactively introduce enhanced products or innovative materials, before competitors capitalise on emerging opportunities.
1.6 Product Development
Characteristics: Nike can introduce plant-based women’s athleisurewear in China, a move away from plastic or fossil fuel-based materials. The line would use 99.99% bio-based Evo Nylon made from caster beans and Creora elastane from vegetable origins, both renewable and biodegradable (Fulgar, no date) (Pangaia, no date) (Russell, 2022).
Context: This aligns with Nike’s sustainability and women empowerment initiatives (Passport, 2023). The Chinese government’s “Healthy China 2030” initiative is expected to contribute significantly to the global sportswear market (WHO, no date). In 2022, China experienced a 52% increase in Media Impact Value for sportswear, indicating growing consumer interest in sportswear products (Henkel, 2023).
Consequence: This strategy can help Nike reduce its environmental footprints, enhance brand credibility among environmentally conscious consumers, and potentially gain Chinese consumer trust back. By adopting zero waste fashion principles and reimagining material sourcing and design, Nike can minimize resource use and environmental impact. Being the first plant-based athleisurewear brand in China could lead to revenue growth and potentially revitalize the apparel market.
Figure 5: Castor Bean (Lampoon, 2021)
1.7 Implementation Plan
Suitability High The strategy aligns with market opportunities for sustainable athleisurewear and address threats like declining sales in China and increasing competition.
Acceptability High This move is highly acceptable to stakeholders due to its alignment with Nike’s core value of innovation and 2025 targets for women empowerment (SDG 5), responsible consumption and product (SDG 12) (Nike, no date). With manageable risks, this can fulfil its ESG goals while increasing Chinese apparel revenue and brand reputation.
Feasibility High Despite a slight profit margin decrease from 46% to 44% in 2023 (Nike, 2023, pp.32), the average margin for retail is generally 24.32% (YEC, 2022). Thus, Nike has the financial capacity to invest in this initiative. Moreover, with its possession of a high-tech research laboratory (Russell, 2021) and a skilled workforce to innovate new materials and manufacturing processes (Nike, 2022, pp. 66), Nike is well-positioned to pioneer innovative materials and sampling, maintaining its competitive advantage in the market.
Evaluation Considering SAFe assessment, priortising launching a plant-based athleisurewear line in China is the optimal strategy. It effectively meets market needs, manages risks, and is feasible with the company’s resources and capabilities.
Objective:
Launch a sustainable plant-based women’s athleisurewear line in China within 6 months to increase Chinese apparel revenue and gain consumer trust back. To reduce carbon footprints by 50% by 2025.
Leadership
Nike employs transformational leadership by fostering product innovation (Nike, no date) and a culture of diversity and inclusion, ensuring that all employees feel valued and included (Nike, 2022, pp. 16). Since 2020, it has prioritised connecting with female consumers, and introducing more female-friendly retail concepts while promoting female leadership within the organisation (BOF team, 2018). By leveraging this leadership approach across all management levels and sharing the same vision of sustainability and gender equity among employees, Nike can encourage them to implement this change strategy effectively.
1. Idea generation - Utilise Nike’s Direct-to-Consumer data (Fernandez, 2020) and consumer research to understand Chinese consumer preferences.
2. Material selection - Collaborate with Fulgar, a plant-based fibers yarn producers, to make the process faster and leverage Fulgar’s expertise in sourcing sustainable materials.
3. Sampling and Feedback - Minimise waste by allowing designers to select innovative designs.
4. Supply Chain and Production - Focus on ethical trading, reducing carbon footprints and maximising profits.
5. Marketing - Collaborate with regional influencers for targeted brand promotion, recognising their influence varies by region (Henkel, 2023).
Counterfeit Risk Mitigation: Use blockchain authentication features to enhance consumer trust and confidence in the authenticity of Nike’s plant-based athleisurewear products (Aura blockchain consortium, no date).
Methods of Measuring
1. Financial Performance Metrics
- Chinese apparel revenue rate : Monitor growth or decline trends Assess market position in China
2. Materials GHG emission reduction % (Nike, 2022, pp. 10)
- Measure annual CO2 reductions
- Compare plant-based vs traditional materials (e.g. virgin nylon from fossil fuels or 50% re cycled nylon)
- Evaluate sustainability progress
Part 2
2.1 Sourcing
Nike sources its products from third-party factories abroad (Nike, 2023, pp. 43), mainly in countries such as Vietnam, China and Cambodia. It also relies on contract manufacturers to procure raw materials, leveraging availability in the manufacturing countries (Nike, 2023, pp. 3-4). This approach falls under the offshore outsourcing strategy (Fernie and Grant, 2019, pp.30).
Figure 6: Souring Scorecards for China and Vietnam (GlobalData, no date)
SWOT of Nike’s Currernt Sourcing
Strengths
Offshore sourcing strategy provides costs advantages and skills labor (Fernie and Grant, 2019, pp. 19-20).
Nike mainly sources from Vietnam and China, recognised as top apparel souring countries (Husband, 2021). China’s vertically integrated production system ensures speed, efficiency, and reliability, while Vietnam provides political stability and high-quality manufacturing with low prices. Vietnam is particularly famous for its expertise in producing sportswear and activewear (Leonie, 2023). Both countries offer good levels of innovation in Nike’s product development (Global Data, 2023).
Nike employs lean and six sigma methods to minimise waste in its value chain (Slack et al, 2022, pp. 531). Nike enhances efficiency and sustainability in its sourcing practices by focusing on six key areas such as using lighter-weight, higher-yield materials, increasing pattern efficiency, simplifying moulded components, implementing closed-loop recycling, and pursuing breakthrough innovation for recycling materials like leather and blended textile (Nike, no date). This commitment places Nike ahead of competitors, offering innovation and sustainable collections like “Move to Zero” (Cook, 2020).
Opportunities
Nike’s commitment to a circular approach with “Move to Zero” campaign, presents an opportunity to invest in sustainable material innovation and advanced recycling technologies. As customers demand environmentally sustainable products (Petro, 2022), Nike can gain a competitive advantage and enhance its brand reputation as a leader in sustainability.
Nike current 3 out of 5 rating in people sustainability (Good on you, no date) and 51-60% supply chain traceability (Fashion revolution, 2022) indicate areas for enhancement. By ensuring fair labor practices, transparency and accountability, Nike can enhance its brand impact and strength Nike trust.
Instead of outsourcing, Nike can adopt vertical integration of fabric suppliers and yarn suppliers to gain more control over its supply chain, reduce dependency on external suppliers and enhance its transparency and traceability (Messina, 2022). E.g. Nike could focus on increasing its use of recycled cotton from Tier 3 recyclers (yarn suppliers) for closed loop recycling (Nike, 2022, pp. 115)
Weakness
Nike heavily relies on contract manufacturers for both production and raw material sourcing (Nike, 2023, pp. 3-4). While it has established strategic contracts and goals with Tier 1 and 2 suppliers (Nike, 2022, pp. 8183), there is limited visibility into other tier raw material suppliers. This lack of transparency makes it challenging for Nike to ensure transparency and ethical practices throughout the supply chain.
Nike has faced criticism for its labour practices and working conditions, including issues like Uyghur forced labour and child labour (Cooke, 2023). Despite implementing policies to monitor its suppliers, it struggles to enforce living wage standards for workers (Good on you, not date). This undermines Nike’s reputation and exposes its legal and ethical risks associated with labour violations. p
Nike’s lean strategy may result in long lead times and inflexibility, hindering Nike’s ability to respond quickly to chaning product trends and customer preferences (Fernie and Grant, 2019, pp.40). This could result in delays in product delivery, impacting on its competitiveness in the market.
Threats
Geopolitical tension and trade war between China and US may disrupt Nike’s supply chain and increase operational costs (Kent, 2023).
As mentioned in PEST, there has been intense competition, which may impact Nike’s sourcing decisions and pricing strategies.
2.2 Enhanced sourcing strategy
To support Nike’s strategic objectives of launching a sustainable plant-based athleisurewear in China to drive market growth, the company should refine its sourcing strategy in aligned with its sustainability goal and shorter lead times.
Quality
Quantity
In response to the growing demand for sustainability in the athleisure market, consumers demand products that embody sustainability, durability, high-quality (Bringe, 2021). This new product’s unique selling point lies in using plant-based yarn; specifically, Evo by Fulgar, 100% bio-based materials. This enables the creation of lightweight, fast-drying, odor-free athleisurewear while ensuring durability, comfort and appealing designs (Fulgar, no date).
Nike should initiate small-volume production to effectively access market demand and mitigate overproduction risk. By publicly disclosing production volumes, Nike can minimise environmental risks and optimise resources based on consumer feedback and market response, demonstrating transparency in its operations (Cernansky, 2023).
Time
Source
Implementing an agile manufacturing approach with onshore production in China and with short lead times will enable Nike to swiftly respond to market demand. With the goal of launching this within six months, Nike can stay ahead of competitors like Lululemon in introducing plant-based options.
Nike can enhance its sourcing strategy by adopting an onshore approach, utilising China-based contract manufacturers known for innovation, efficiency, and agility. Moreover, Nike should prioritise collaborating with suppliers that uphold a high level of transparency and fair labour practices to mitigate risks like forced or child labour and to meet ESG targets for better outcomes for investors and the planet (Shoaib, 2023).
This manufacturing ‘Made in China’ label can appeal to Chinese consumers as they prefer locally produced products. As sourced locally, Nike minimises logistical complexities, reduces carbon footprints and capitalises on market opportunities in China (Deeley, 2022). Additionally, for raw materials, Nike can partner with plant-based fibre supplier, Fulger, which can strengths its commitment to ethical sourcing and sustainability commitment.
Place China represents an optimal market for Nike’s sustainable athleisurewear launch due to its increasing sustainable activewear demand and preference for locally produced goods. With a large consumer base and strategic location, Nike can penetrate neighboring markets effectively, e.g. Asia market.
Figure 7: 6 Rs of Sourcing
Conclusion
The comprehensive analysis of Nike’s external and internal factors reveals both its strengths and areas of improvement. While Nike maintains its position as the largest global sportwear company with strong financial capability, challenges such as declining sales in the Chinese market and increasing competition necessitate strategic changes.
The recommended strategy prioritises investing in sustainable plant-based women’s athleisurewear in China, aligning with consumer demand and sustainability initiatives to regain trust and enhance brand reputation. By leveraging its leadership in innovation and commitment to sustainability, Nike can address market challenges, drive growth and maintain its competitive advantage.
Additionally, Nike can use onshore sourcing methodology to launch this by partnering with Chinese suppliers who uphold a high level of transparency and fair labour practices. This will help to achieve Nike’s carbon reduction goal by aligning its “Move to Zero” initiatives. By conducting its effective KPIs, Nike can reduce carbon footprints across the supply chain.
The implementation of these changes will enable Nike to address immediate challenges in the Chinese market and to consider potential market expansion in Asia. Furthermore, it will position the company for long-term success by enabling it to remain ahead of competitors in the sportswear industry.
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